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Getty Images President Donald Trump announced new measures on Monday.
President Donald Trump on Monday said the U.S. could be heading into a recession as the economy grapples with the crisis caused by the coronavirus outbreak, and said the best thing to do for stock markets is to get through the pandemic.
Asked about the possibility that the U.S. would fall into a recession, Trump said, “well, it may be.” He then predicted what he called a “tremendous surge” in the economy after the virus is controlled.
Trump spoke at the White House as the administration unveiled new guidelines, including avoiding gathering in groups larger than 10 people and curbing unnecessary travel.
Trump held separate discussions Monday with his fellow Group of Seven member leaders and U.S. governors, pledging to work together on a coronavirus response but also asking for individual steps to be taken.
A joint G-7 statement said leaders would use all fiscal and monetary-policy tools to support workers and companies most affected by the pandemic. The leaders said their countries would cooperate on developing a vaccine for the deadly virus.
“Respirators, ventilators, all of the equipment — try getting it yourselves,” Trump told the governors during the conference call, according to the New York Times. “We will be backing you, but try getting it yourselves. Point of sales, much better, much more direct if you can get it yourself,” Trump said.
Larry Kudlow, the top White House economist, told reporters Trump was “very calm” about the stock market after the president held the G-7 call. Sunday, Trump praised the Federal Reserve after it moved to cut a key interest rate to near zero and buy billions of dollars in bonds.
On Monday, however, stocks dropped further, with the Dow Jones Industrial Average DJIA, -12.93% plummeting 13% as state governments ordered closures of businesses, including restaurants, and limited the sizes of gatherings.
“The best thing I can do for the stock market is, we have to get through this crisis,” Trump said. “That’s what I think about.”
